Long-term specified securities: Reliance Patalganga issues shares and debentures with a three-year lock-in; early disposal taxed. Notification under section 54EA specifies certain shares and debentures of Reliance Patalganga Power Ltd as long-term specified securities to be issued within one year, subject to maximum amounts, and not transferable (or convertible) for three years from allotment. Investment must be made out of net consideration from transfer of a long-term capital asset. If the assessee disposes of or converts the allotted securities into money within three years, the initial investment becomes chargeable to tax under the head 'Capital Gains' in accordance with the section.